Meadowlands Golf Project One of the Largest of its Kind in the Country

(LYNDHURST)
 Governor James E. McGreevey on Tuesday celebrated the launch of The Meadowlands
Golf Redevelopment Project, an environmentally friendly project that will turn more than
700 acres of landfills and blighted land into a golf village in the heart of the
Meadowlands District.

This golf
village will be one of the largest brownfields-to-greenfields projects in the country.

This $1.1
billion Garbage-to-Golf project will protect the environment, create jobs and help
taxpayers, Governor McGreevey said. This is how redevelopment should be done.
Were balancing growth with our efforts to protect our drinking water and preserve
open space. Through smart growth and redevelopment we are building a better New Jersey.

The Governor
announced the start of the project during a news conference during which he was joined by
Department of Community Affairs Commissioner Susan Bass Levin, State Sen. Paul Sarlo,
Lyndhurst Mayor James Guida and Project Developer Bill Gauger, President of EnCap Golf
Holdings, LLC.

Thanks to
Governor McGreevey, land that once gave New Jersey a black eye will be transformed into a
destination location for residents in and outside of New Jersey, said Commissioner
Levin, also chairwoman of the New Jersey Meadowlands Commission. By successfully
balancing environmental remediation and preservation with economic development, we have
achieved a win-win-win  for the state, the Meadowlands Commission and the people of
New Jersey.

The landfills
being redeveloped stretch across the lowland portions of Rutherford, Lyndhurst, and a
small part of North Arlington. Remediation of the landfills will result in cleaner water
in the Hackensack River and Newark Bay Complex and will help the Meadowlands Commissions
ongoing efforts to preserve the environmental integrity of this district.

New Jerseys
Economic Development Authority provided $150 million in tax-exempt bond financing for the
remediation.

"The $150
million in tax-exempt bond financing provided through the EDA will enable EnCap to move
ahead with the remediation of the site," said Caren S. Franzini, EDA Chief Executive
Officer. "Overall, the project is a vital piece to the regional economy as it will
result in hundreds of new permanent and construction jobs, provide new recreational,
commercial and residential uses, and reclamation of brownfield properties."

The project
covers 785 acres and four landfills, including Lyndhurst, Rutherford, Kingsland and Avon.
When complete it will result in two public 18-hole golf courses, 750 hotel rooms, 750,000
square feet of office space, 100,000 square feet of retail space, 1,130 active adult
residential units and 850 open market residential units. Two additional golf courses will
be added in a second phase of the Golf Village, producing a total of four golf courses in
the Meadowlands District.

The project is
expected to create 2,400 full-time jobs and 500 construction jobs and will generate $19.1
million in property taxes.